Existing home sales finally rebounded in June. The sales jumped 20.7%.
Part of this rebound is due to the job market increase and the mortgage rates still low. The mortgage rates hit an all time low for the first time last week. This put mortgage rates below 3%.
With buyers coming into the market, existing home prices are beginning to increase due to bidding wars. The median existing home price in June was up 3.5% from last year.
The graph below shows home price increases by region:
Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery.
original post by Keeping Current Matters